Amazon (AMZN) PT Raised to $941 at Oppenheimer
Oppenheimer analyst Jason Helfstein reiterated an Outperform rating and boosted his price target on Amazon.com (NASDAQ: AMZN) to $941.00 (from $930.00) following another strong quarter, while guidance was weaker on content investment.
Helfstein commented, "Following exceptional 2Q results on revenue & margins, we are raising our target to $941 from $930. Gross profit accelerated, driven by AWS, shift to 3P and Intl. SOI margins improved 230bps, showing another qtr of scale benefits. AWS margins improved 200bps q/q. Management reiterated bullish sentiment on Intl. Prime, as revenue growth ex. FX accelerated by 200 bps to to 28% y/y. AWS pricing stable, as demand for products/services appears strong, even if some large enterprises/competitors move part of their storage and processing to other cloud providers. Discontinuing providing consumer customer count, while usually conservative SOI guidance was below on content investments and scaling FBA ahead of holidays (followed by easier 4Q U.S. margin comp). Maintain Outperform rating."
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Shares of Amazon.com closed at $752.61 yesterday.